Naira Strengthens to N1,560/$ in Parallel Market

Naira Strengthens to N1,560/$ in Parallel Market
Naira Strengthens to N1,560/$ in Parallel Market

The Naira today gained ground, appreciating to N1,560 per dollar in the parallel market from N1,580 per dollar on Thursday.

However, the naira depreciated to N1,528.5 per dollar in the Nigerian Foreign Exchange Market (NFEM).

Data published by the Central Bank of Nigeria (CBN) showed the exchange rate for the naira rose to N1,528.5 per dollar from N1,527.5 per dollar on Thursday, indicating a N1 depreciation for the naira.

Consequently, the margin between the parallel market and NFEM rate narrowed to N32.5 per dollar from N42.5 per dollar the previous day.